Schaumburg man one of 29 facing bank fraud charges

Authorities say 19 of 29 suspects in Illinois and Indiana are under arrest in an "card cracking" fraud scheme that originated Chicago's South Side and is spreading.

Among those charged is Blake Williams, 30, of Schaumburg, who is accused of bilking banks out of roughly $230,000 as part of the scheme.

Chicago U.S. Attorney Zachary Fardon said Wednesday the schemers deposited bad checks in a third party's account, then withdrew cash before banks determined something was wrong. Total losses were more than $1.7 million.

Four Indiana-based suspects belong to the rap group, "RACK Boyz." They posted videos bragging about the cash the scheme generates and seeking to enlist others to participate, authorities allege.

Social media sites were used to persuade people to disclose their banking information, targeting several college students, authorities said.. In many cases, Fardon said, it should have been clear criminal activity was involved.